Giáo trình business foundations a chaning world 11e by ferrell 1

Here are the highlights for each chapter: Chapter 1: The Dynamics of Business and Economics • New boxed features describing real-world business issues • New material on standard of l

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Business Foundations

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BUSINESS FOUNDATIONS: A CHANGING WORLD, ELEVENTH EDITION

2011 No part of this publication may be reproduced or distributed in any form or by any means, or stored in a

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Library of Congress Cataloging-in-Publication Data

Names: Ferrell, O C., author | Hirt, Geoffrey A., author | Ferrell, Linda,

author | Ferrell, O C Business.

Title: Business foundations : a changing world / O.C Ferrell, University of

New Mexico, Geoffrey A Hirt, DePaul University, Linda Ferrell, University

of New Mexico.

Description: Eleventh Edition | Dubuque : McGraw-Hill Education, 2017 |

Revised edition of Business, [2016]

Identifiers: LCCN 2016041137 | ISBN 9781259685231 (alk paper)

Subjects: LCSH: Business | Management—United States.

Classification: LCC HF1008 F47 2017 | DDC 658—dc23 LC record available at https://lccn.loc.

gov/2016041137

The Internet addresses listed in the text were accurate at the time of publication The inclusion of a website does

not indicate an endorsement by the authors or McGraw-Hill Education, and McGraw-Hill Education does not

guarantee the accuracy of the information presented at these sites.

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To James Ferrell

To Linda Hirt

To George Ferrell

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the Harold Berkman Lifetime Service Award from the Academy of Marketing Science and, more recently, the Cutco Vector Distinguished Marketing Educator Award from the Academy of Marketing Science.

Dr Ferrell has been involved in entrepreneurial engagements, co-founding Print Avenue in 1981, providing a solution-based printing company He has been a consultant and served as an expert witness in legal cases related to marketing and business ethics litigation He has conducted training for a number of global firms, including General Motors His involve-ment with direct selling companies includes serving

on the Academic Advisory Committee and as a low for the Direct Selling Education Foundation

fel-Dr Ferrell is the co-author of 20 books and more than 100 published articles and papers

His articles have been published in the Journal

of Marketing Research, Journal of Marketing, Journal of Business Ethics, Journal of Business Research, Journal of the Academy of Marketing Science, AMS Review, and the Journal of Public

Policy & Marketing, as well as other journals

of Mesirow Financial Fellow He developed the

O.C FERRELL

O.C Ferrell is the James T

Pursell, Sr Eminent Scholar in Ethics and Director of the Center for Ethical Organizational Cultures in the Raymond J

Harbert College of Business, Auburn University He was formerly Distinguished

Professor of Leadership and Business Ethics at

Belmont University He has also been on the

facul-ties of the University of Wyoming, Colorado State

University, University of Memphis, Texas A&M

University, Illinois State University, and Southern

Illinois University He received his PhD in

market-ing from Louisiana State University

Dr Ferrell is president-elect of the Academy

of Marketing Science He is past president of the

Academic Council of the American Marketing

Association and chaired the American Marketing

Association Ethics Committee Under his

lead-ership, the committee developed the AMA

Code of Ethics and the AMA Code of Ethics for

Marketing on the Internet In addition, he is a

former member of the Academy of Marketing

Science Board of Governors and is a Society of

Marketing Advances and Southwestern Marketing

Association Fellow and an Academy of Marketing

Science Distinguished Fellow He has served

for nine years as the vice president of

publica-tions for the Academy of Marketing Science In

2010, he received a Lifetime Achievement Award

from the Macromarketing Society and a

spe-cial award for service to doctoral students from

the Southeast Doctoral Consortium He received

Authors

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Authors v

MBA program in Hong Kong and served as

direc-tor of international initiatives for the College of

Business, supervising overseas programs in Hong

Kong, Prague, and Bahrain and was awarded

the Spirit of St Vincent DePaul award for his

contributions to the university Dr Hirt directed

the Chartered Financial Analysts (CFA) study

program for the Investment Analysts Society of

Chicago from 1987 to 2003 He has been a

vis-iting professor at the University of Urbino in

Italy, where he still maintains a relationship

with the economics department He received his

PhD in finance from the University of Illinois at

Champaign-Urbana, his MBA at Miami University

of Ohio, and his BA from Ohio Wesleyan

University

Dr Hirt is currently on the Dean’s Advisory

Board and Executive Committee of DePaul’s

School of Music The Tyree Foundation funds

innovative education programs in Chicago, and

Dr Hirt also serves on the Grant Committee Dr

Hirt is past president and a current member of

the Midwest Finance Association, a former

edi-tor of the Journal of Financial Education, and

also a member of the Financial Management

Association He belongs to the Pacific Pension

Institute, an organization of public pension funds,

private equity firms, and international

organiza-tions such as the Asian Development Bank, the

IMF, and the European Bank for Reconstruction

and Development

Dr Hirt is widely known for his textbook

Foundations of Financial Management, published

by McGraw-Hill/Irwin This book, in its sixteenth

edition, has been used in more than 31 countries and

translated into more than 14 different languages

Additionally, Dr Hirt is well known for his

text-book Fundamentals of Investment Management,

also published by McGraw-Hill/Irwin and now in

its tenth edition Dr Hirt enjoys golf, swimming,

music, and traveling with his wife, who is a pianist

and opera coach

LINDA FERRELL

Linda Ferrell is Professor and Chair of the Marketing Department in the Raymond J Harbert College of Business, Auburn University She was for-merly Distinguished Professor

of Leadership and Business Ethics at Belmont University She completed her PhD in business administration, with a concentration in management,

at the University of Memphis She has taught at the University of Tampa, Colorado State University, University of Northern Colorado, University of Memphis, University of Wyoming, and the University

of New Mexico She has also team-taught classes at Thammasat University in Bangkok, Thailand

Her work experience as an account tive for McDonald’s and Pizza Hut’s advertis-ing agencies supports her teaching of advertising, marketing management, marketing ethics, and mar-

execu-keting principles She has published in the Journal

of Public Policy & Marketing, Journal of Business Research, Journal of the Academy of Marketing Science, Journal of Business Ethics, AMS Review, Journal of Academic Ethics, Journal of Marketing Education, Marketing Education Review, Journal of Teaching Business Ethics, Marketing Management Journal, and Case Research Journal, and she is co- author of Business Ethics: Ethical Decision Making

and Cases (eleventh edition), Management (third edition), and Business and Society (sixth edition).

Dr Ferrell is the immediate past president of the Academy of Marketing Science and a past president for the Marketing Management Association She

is a member of the NASBA Center for the Public Trust Board, on the Mannatech Board of Directors, and on the college advisory board for Cutco/Vector She is also on the Board, Executive Committee, and Academic Advisory Committee of the Direct Selling Education Foundation She has served as an expert witness in cases related to advertising, business ethics, and consumer protection

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The eleventh edition represents a complete and comprehensive revision This is because so many events and changes in the environment relate to the foundational concepts in business This means that an introduction to business product has to provide adequate coverage of dynamic changes in the economy as they relate to business decisions We have listened to your feedback and incorporated needed changes in content, boxes, cases, exercises, support, online resources and other features.

This is our fourth edition with a chapter on digital marketing and social ing in business Since launching this chapter in the eighth edition, this dynamic area continues to change the face of business Entrepreneurs and small businesses have

network-to be able network-to increase sales and reduce costs by using social networking network-to nicate and develop relationships with customers The sharing, or “gig,” economy is transforming entrepreneurial opportunities for employees For example, the number

commu-of independent contractors in our economy has increased from slightly over 5 percent

to almost 16 percent of the workforce The Internet is providing opportunities for peer-to-peer relationships for companies such as Uber, Lyft, TaskRabbit, as well as health care services like Dose Because this area is a moving target, we have made substantial changes to the eleventh edition of Chapter 13, Digital Marketing and Social Networking Digital marketing has helped many entrepreneurs launch suc-cessful businesses

Throughout the product, we recognize the importance of sustainability and

“green” business By using the philosophy reduce, reuse, and recycle, we believe

every business can be more profitable and contribute to a better world through green initiatives There is a new “Going Green” box in each chapter that covers these envi-ronmental changes Our “Entrepreneurship in Action” boxes also discuss many inno-vations and opportunities to use sustainability for business success Sustainability is not only a goal of many businesses, but it is also providing career opportunities for many of our students

We have been careful to continue our coverage of global business, ethics and social responsibility, and information technology as they relate to the foundations important in an introduction to business course Our co-author team has a diver-sity of expertise in these important areas O.C Ferrell and Linda Ferrell have been recognized as leaders in business ethics education, and their insights are reflected

in every chapter and in the “Consider Ethics and Social Responsibility” boxes In addition, the website, http://danielsethics.mgt.unm.edu/ provides free resources such

as PowerPoints and cases that can be used in the classroom Geoff Hirt has a strong background in global business development, especially world financial markets and trade relationships

The foundational areas of introduction to business, entrepreneurship, small ness management, marketing, accounting, and finance have been completely revised

busi-Examples have been provided to which students can easily relate An understanding

Welcome

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Welcome vii

of core functional areas of business is presented so students get a holistic view of the

world of business Box examples related to “Responding to Business Challenges,”

“Entrepreneurship in Action,” “Going Green,” and “Consider Ethics and Social

Responsibility” help provide real-world examples in these areas

Our goal is to make sure that the content and teaching package for this book are

of the highest quality possible We wish to seize this opportunity to gain your trust,

and we appreciate any feedback to help us continually improve these materials We

hope that the real beneficiary of all of our work will be well-informed students

who appreciate the role of business in society and take advantage of the

opportu-nity to play a significant role in improving our world In this new edition, we have

additional content to help our students understand how our free enterprise system

operates and how we fit into the global competitive environment This course is an

opportunity for students to understand how they can create their own success and

improve their quality of life

O.C Ferrell Geoffrey A Hirt Linda Ferrell

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Business Foundations: A Changing World, eleventh edition, offers faculty and

students a focused resource that is exciting, applicable, and happening! What

sets this learning program apart from the competition? An unrivaled mixture of exciting content and resources blended with application focused text and activities, and fresh topics and examples that show students what is happening in the world of business today!

Our product contains all of the essentials that most students should learn in a

semester Business Foundations has, since its inception, delivered a focused

presentation of the essential material needed to teach introduction to business An unrivaled mixture of exciting content and resources, application-focused content and activities, and fresh topics and examples that show students what is happening in the world of business today set this text apart!

It’s easy for students taking their first steps into business

to become overwhelmed Longer products try to solve this problem by chopping out examples or topics to make ad

hoc shorter editions Business Foundations carefully builds

just the right mix of coverage and applications to give your students a firm grounding in business principles Where other products have you sprinting through the semester to get everything in, Ferrell/Hirt/Ferrell allows you the breathing space to explore topics and incorporate other activities that are important to you and your students The exceptional resources

and the Active Classroom Resource Manual support you in

this effort every step of the way

Focused!

Focused, Exciting, Applicable,

Happening

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Focused, Exciting, Applicable, Happening ix

It’s exciting to see students succeed! It’s exciting to see more As and Bs in a course without grade inflation

Ferrell/Hirt/Ferrell makes these results possible for your course with its integrated learning package that is proven effective, tailored to each individual student, and easy to use

Exciting

Applicable When students see how content applies to them, their

life, their career, and the world around them, they are

more engaged in the course Business Foundations

helps students maximize their learning efforts by setting clear objectives; delivering interesting cases and examples; focusing on core issues; and providing engaging activities to apply concepts, build skills, and solve problems

Happening! Because it isn’t tied to the revision cycle of a larger

book, Business Foundations inherits no outdated

or irrelevant examples or coverage Everything in the eleventh edition reflects the very latest developments

in the business world—from the recent recession, high unemployment rates, and the financial instability in Europe to the growth of digital marketing and social networking In addition, ethics continues to be a key issue, and Ferrell/Hirt/Ferrell use “Consider Ethics and Social Responsibility” boxes to instill in students the importance of ethical conduct in business To ensure you always know what’s happening, join the author-led Facebook group page supporting this text

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Learn Without Limits

Connect is a teaching and learning platform that

is proven to deliver better results for students and

instructors

Connect empowers students by continually adapting

to deliver precisely what they need, when they need

it, and how they need it, so your class time is more

engaging and effective

Mobile

Connect Insight ®

Connect Insight is Connect’s new one-of-a-kind

visual analytics dashboard—now available for both

instructors and students—that provides at-a-glance

information regarding student performance, which is immediately

actionable By presenting assignment, assessment, and topical

performance results together with a time metric that is easily

visible for aggregate or individual results, Connect Insight gives the user

the ability to take a just-in-time approach to teaching and learning, which

was never before available Connect Insight presents data that empowers

students and helps instructors improve class performance in a way that is

efficient and effective

73% of instructors who use

Connect require it; instructor

satisfaction increases by 28%

when Connect is required.

Students can view their results for any

Connect course.

Analytics

Connect’s new, intuitive mobile interface gives students and

instructors flexible and convenient, anytime–anywhere access to all

components of the Connect platform

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SmartBook ®

Proven to help students improve grades and study more

efficiently, SmartBook contains the same content within

the print book, but actively tailors that content to the

needs of the individual SmartBook’s adaptive technology

provides precise, personalized instruction on what the

student should do next, guiding the student to master and

remember key concepts, targeting gaps in knowledge and

offering customized feedback, and driving the student

toward comprehension and retention of the subject

matter Available on tablets, SmartBook puts learning at

the student’s fingertips—anywhere, anytime

Adaptive

Over 8 billion questions have been

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THE ADAPTIVE

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DESIGNED TO TRANSFORM THE WAY STUDENTS READ

More students earn A’s and

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As always, when revising this material for the current edition, all examples, figures, and statistics

have been updated to incorporate any recent developments that affect the world of business

Additionally, content was updated to ensure the most pertinent topical coverage is provided We now

provide bonus chapters in the text—Bonus Chapter A, The Legal and Regulatory Environment, and

Bonus Chapter B, Personal and Financial Planning—to meet market demands In addition, we have

added a new online Appendix C, which provides the basics of risk management Both insurable and

noninsurable risk are covered in this appendix

Here are the highlights for each chapter:

Chapter 1: The Dynamics of Business and Economics

• New boxed features describing real-world business issues

• New material on standard of living

• A new section on “The Importance of the American Economy”

Chapter 2: Business Ethics and Social Responsibility

• New boxed features describing issues in business ethics and social responsibility

• New examples of ethical issues facing today’s businesses

• New See for Yourself Videocase—Warby Parker

Chapter 3: Business in a Borderless World

• New boxed features describing issues in international business

• New See for Yourself Videocase—Electra Bikes

Chapter 4: Options for Organizing Business

• New boxed features describing real-world business issues

• New definition of a master limited partnership

• New information on nonprofit organization

Chapter 5: Small Business, Entrepreneurship, and Franchising

• New boxed features describing current business issues

• New section on the sharing economy

• New material on nonstore retailing

• New information on incubators

Chapter 6: The Nature of Management

• Staffing has been removed as a function of management, and the information on staffing has

been moved toward the introduction

• New definition of brainstorming

• New information on participative decision making

• New See for Yourself Videocase—Panera Bread

Chapter 7: Organization, Teamwork, and Communication

• A new objective on organizational culture

• New figure describing desired attitudes and behaviors associated with corporate culture

New to This Edition

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• New “Did You Know?” feature

• Information on formal communication has been placed in a table

• New See for Yourself Videocase—Hot Topic

Chapter 8: Managing Service and Manufacturing Operations

• New boxed features describing current business operational issues

• New material on the role of drones in operations

• New information on ISO 19600 related to compliance

Chapter 9: Motivating the Workforce

• New section on goal-setting theory

• Updated information on best places for businesses and careers

• Definition of reinforcement theory

Chapter 10: Managing Human Resources

• New boxed features describing current HR issues

• A new “Did You Know?” feature

• New information on micropreneurs

• New information on exit interviews

• New material on mentoring employees

• New figure on recruiters’ use of social networking in the recruitment process

Chapter 11: Customer-Driven Marketing

• New boxed features describing current marketing issues

• New material on marketing analytics

• New information on benefit segmentation

• New material on B2B marketing

• New See for Yourself Videocase—Marriott

Chapter 12: Dimensions of Marketing Strategy

• New boxed features describing current marketing issues

• New definition of merchant wholesalers

• Direct selling and direct marketing added as key terms

• New See for Yourself Videocase—Spirit Airlines

Chapter 13: Digital Marketing and Social Networking

• New boxed features describing current digital marketing issues

• New information on illicit activities conducted on the Internet

• New information on virtual gaming

Chapter 14: Accounting and Financial Statements

• New boxed features describing current accounting issues

• New information on the financial information and ratios of Microsoft

• Financial ratio comparisons of Microsoft and Google

Chapter 15: Money and the Financial System

• New boxed features describing current financial issues

• New material on reward cards

• New See for Yourself Videocase—State Farm

Chapter 16: Financial Management and Securities Markets

• New boxed features describing current financial issues

• New See for Yourself Videocase—Tom and Eddie’s

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Cape Fear Community College

Anthony D Fontes III

Bunker Hill Community College

Monroe County Community College

Yalonda Ross Davis

Grand Valley State University

Acknowledgments

The eleventh edition of Business Foundations: A Changing World would not have been

possible without the commitment, dedication, and patience of Jennifer Sawayda and Julian Mathias Jennifer Sawayda provided oversight for editing and developing text con-tent, cases, boxes, and the supplements Julian Mathias assisted in developing many of the boxes in this edition Anke Weekes, Executive Brand Manager, provided leadership and creativity in planning and implementing all aspects of the eleventh edition Gabriela

G Velasco, Product Developer, did an outstanding job of coordinating all aspects of the development and production process Sheila Frank was the Content Project Manager

Evan Roberts managed the technical aspects of Connect Others important in this edition include Michael Gedatus (Senior Marketing Manager) and Debra Kubiak (Designer)

Michael Hartline developed the Personal Career Plan in Appendix B Vickie Bajtelsmit developed Bonus Chapter B on personal financial planning Eric Sandberg of Interactive Learning assisted in developing the interactive exercises Many others have assisted us with their helpful comments, recommendations, and support throughout this and previ-ous editions Thank you for all of your insight and feedback We’d like to express our sincere thanks to the reviewers who helped us shape the eleventh edition Your time and thoughtful feedback has helped us greatly make this another great revision:

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Acknowledgments xv

Brenda Anthony, Tallahassee Community College

NaRita Gail Anderson, University of Central Oklahoma

Phyllis Alderdice, Jefferson Community College

Vondra Armstrong, Pulaski Tech College

John Bajkowski, American Association of Individual

Investors

Gene Baker, University of North Florida

Lia Barone, Norwalk Community College

Ellen Benowitz, Mercer County Community College

Stephanie Bibb, Chicago State University

Barbara Boyington, Monmouth–Ocean County Small

Business Development Center

Suzanne Bradford, Angelina College

Alka Bramhandkar, Ithaca College

Dennis Brode, Sinclair Community College

Harvey S Bronstein, Oakland Community College

Colin Brooks, University of New Orleans

Eric Brooks, Orange County Community College

Nicky Buenger, Texas A&M University

Anthony Buono, Bentley College

Tricia Burns, Boise State University

Diana Carmel, Golden West College

William Chittenden, Texas State University

Michael Cicero, Highline Community College

Margaret Clark, Cincinnati State Tech & Community

College

Mark Lee Clark, Collin College

Debbie Collins, Anne Arundel Community College–Arnold

Karen Collins, Lehigh University

Katherine Conway, Borough of Manhattan Community

College

Rex Cutshall, Indiana University

Dana D’Angelo, Drexel University

Laurie Dahlin, Worcester State College

Deshaun H Davis, Northern Virginia Community College

Peter Dawson, Collin County Community College–Plano

John DeNisco, Buffalo State College

Tom Diamante, Corporate Consulting Associates, Inc.

Joyce Domke, DePaul University

Michael Drafke, College of DuPage

John Eagan, Erie Community College/City Campus SUNY

Glenda Eckert, Oklahoma State University

Thomas Enerva, University of Maine–Fort Kent Robert Ericksen, Business Growth Center Donna Everett, Santa Rosa Junior College Joe Farinella, University of North

Carolina–Wilmington

Bob Farris, Mt San Antonio College Gil Feiertag, Columbus State Community College James Ferrell, R G Taylor, P.C.

Art Fischer, Pittsburg State University Jackie Flom, University of Toledo Jennifer Friestad, Anoka–Ramsey Community College Chris Gilbert, Tacoma Community College/University

of Washington

Ross Gittell, University of New Hampshire Connie Golden, Lakeland Community College Terri Gonzales-Kreisman, Phoenix College Kris Gossett, Ivy Tech Community College of Indiana Carol Gottuso, Metropolitan Community College Bob Grau, Cuyahoga Community College–Western

Campus

Gary Grau, Northeast State Tech Community College Jack K Gray, Attorney-at-Law, Houston, Texas Catherine Green, University of Memphis Claudia Green, Pace University

Maurice P Greene, Monroe College Phil Greenwood, University of Wisconsin–Madison David Gribbin, East Georgia College

Selina Andrea Griswold, University of Toledo Peggy Hager, Winthrop University

Michael Hartline, Florida State University Neil Herndon, University of Missouri James Hoffman, Borough of Manhattan Community

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xvi Acknowledgments

Sandra Kana, Mid-Michigan Community College

Norm Karl, Johnson County Community College

Janice Karlan, LaGuardia Community College

Eileen Kearney, Montgomery County Community College

Craig Kelley, California State University–Sacramento

Susan Kendall, Arapahoe Community College

Ina Midkiff Kennedy, Austin Community College

Arbrie King, Baton Rouge Community College

John Knappenberger, Mesa State College

Gail Knell, Cape Cod Community College

Anthony Koh, University of Toledo

Regina Korossy, Pepperdine University

Velvet Landingham, Kent State University–Geauga

Daniel LeClair, AACSB

Richard Lewis, East Texas Baptist College

Corinn Linton, Valencia Community College

Corrine Livesay, Mississippi College

Thomas Lloyd, Westmoreland Community College

Terry Loe, Kennerow University

Kent Lutz, University of Cincinnati

Scott Lyman, Winthrop University

Dorinda Lynn, Pensacola Junior College

Isabelle Maignan, ING

Larry Martin, Community College of Southern

Nevada–West Charles

Therese Maskulka, Youngstown State University

Kristina Mazurak, Albertson College of Idaho

Debbie Thorne McAlister, Texas State University–San

Marcos

John McDonough, Menlo College

Tom McInish, University of Memphis

Noel McDeon, Florida Community College

Chris Mcnamara, Fingers Lake Community College

Mary Meredith, University of Louisiana at Lafayette

Michelle Meyer, Joliet Junior College

George Milne, University of Massachusetts–Amherst

Daniel Montez, South Texas College

Glynna Morse, Augusta College

Stephanie Narvell, Wilmington College–New Castle

Fred Nerone, International College of Naples

Laura Nicholson, Northern Oklahoma College

Stef Nicovich, Lynchburg College

Michael Nugent, SUNY–Stony Brook University New York

Mark Nygren, Brigham Young University–Idaho

Lauren Paisley, Genesee Community College

Wes Payne, Southwest Tennessee Community College

Dyan Pease, Sacramento City College

Constantine G Petrides, Borough of Manhattan

Community College

John Pharr, Cedar Valley College

Shirley Polejewski, University of St Thomas

Daniel Powroznik, Chesapeake College Krista Price, Heald College

Larry Prober, Rider University Michael Quinn, Penn State University Stephen Pruitt, University of Missouri–Kansas City Victoria Rabb, College of the Desert

Gregory J Rapp, Portland Community College Tom Reading, Ivy Tech State College

Delores Reha, Fullerton College Susan Roach, Georgia Southern University Dave Robinson, University of California–Berkeley Carol Rowey, Surry Community College

Marsha Rule, Florida Public Utilities Commission Carol A Rustad, Sylvan Learning

Martin St John, Westmoreland Community College Don Sandlin, East Los Angeles College

Nick Sarantakes, Austin Community College Andy Saucedo, Dona Ana Community College–Las

Simmons, Guilford Technical Community College

Greg Simpson, Blinn College Nicholas Siropolis, Cuyahoga Community College Robyn Smith, Pouder Valley Hospital

Kurt Stanberry, University of Houston Downtown Cheryl Stansfield, North Hennepin Community College Ron Stolle, Kent State University–Kent

Jeff Strom, Virginia Western Community College Lisa Strusowski, Tallahassee Community College Scott Taylor, Moberly Area Community College Wayne Taylor, Trinity Valley Community College Ray Tewell, American River College

Evelyn Thrasher, University of

Massachusetts–Dartmouth

Steve Tilley, Gainesville College Amy Thomas, Roger Williams University Kristin Trask, Butler Community College Ted Valvoda, Lakeland Community College Sue Vondram, Loyola University

Elizabeth Wark, Springfield College Emma Watson, Arizona State University–West Frederik Williams, North Texas State University Richard Williams, Santa Clara University Pat Wright, University of South Carolina Lawrence Yax, Pensacola Junior College–Warrington Bruce Yuille, Cornell University–Ithaca

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Brief Contents

1 The Dynamics of Business and Economics 2

2 Business Ethics and Social Responsibility 36

3 Business in a Borderless World 72

4 Options for Organizing Business 108

5 Small Business, Entrepreneurship, and Franchising 140

Competitiveness

6 The Nature of Management 170

7 Organization, Teamwork, and Communication 200

8 Managing Service and Manufacturing Operations 232

9 Motivating the Workforce 266

10 Managing Human Resources 292

11 Customer-Driven Marketing 330

12 Dimensions of Marketing Strategy 360

13 Digital Marketing and Social Networking 396

14 Accounting and Financial Statements 430

15 Money and the Financial System 466

16 Financial Management and Securities Markets 496

Bonus Chapters

A The Legal and Regulatory Environment 526

B Personal Financial Planning 546

Glossary 571 Indexes 585

Appendixes (Available Online and via Create)

A Guidelines for the Development of the Business Plan

B Personal Career Plan

C Risk—The Basics of Risk Management

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Part 1

Business in a Changing World 1

CHAPTER 1

The Dynamics of Business and Economics 2

Enter the World of Business

Dollar Shave Club Cuts through the Competition 3

Introduction 4

The Nature of Business 4

The Goal of Business 4

The People and Activities of Business 5

Why Study Business? 7

The Economic Foundations of Business 8

Economic Systems 8

The Free-Enterprise System 11

The Forces of Supply and Demand 12

The Nature of Competition 14

Going Green

Whole Foods’s Dilemma: It’s Too Easy Being Green 15

Economic Cycles and Productivity 15

The American Economy 19

Responding to Business Challenges

Uber Swerves around Regulatory Obstacles 20

The Importance of the American Economy 20

A Brief History of the American Economy 21

The Role of the Entrepreneur 23

Entrepreneurship in Action

Will Pizza Studio Slice Up the Competition? 24

The Role of Government in the American Economy 25

The Role of Ethics and Social Responsibility in Business 25

Can You Learn Business in a Classroom? 26

So You Want a Job in the Business Ethics

World 28

Review Your Understanding 28

Revisit the World of Business 29

Learn the Terms 29

Check Your Progress 30

Get Involved 30

Build Your Skills: The Forces of Supply and Demand 30

Solve the Dilemma: Mrs Acres Homemade Pies 31

Build Your Business Plan: The Dynamics of Business and Economics 32

See for Yourself Videocase: Redbox Succeeds by Identifying Market Need 32

Team Exercise 33 Endnotes 33

CHAPTER 2

Business Ethics and Social Responsibility 36

Mars M & Ms: Less Sugar for Your Sweet Tooth 37

Introduction 38Business Ethics and Social Responsibility 38

Beautycounter Is Lathered Up about Social Responsibility 39

The Role of Ethics in Business 40

Recognizing Ethical Issues in Business 42 Fairness and Honesty 46

Making Decisions about Ethical Issues 49 Improving Ethical Behavior in Business 50

Consider Ethics and Social Responsibility

Come Fly with Me: Or Not? 51

The Nature of Social Responsibility 52

Social Responsibility Issues 54

Check Your Progress 64 Get Involved 65 Build Your Skills: Making Decisions about Ethical Issues 65 Solve the Dilemma: Customer Privacy 66

Build Your Business Plan: Business Ethics and Social Responsibility 66

See for Yourself Videocase: Warby Parker: An Affordable World Vision 67

Contents

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Contents xix

CHAPTER 3

Business in a Borderless World 72

Global Menu Customization: Squid Ink Burgers 73

Introduction 74

The Role of International Business 74

Why Nations Trade 75

Trade between Countries 75

Balance of Trade 76

International Trade Barriers 77

Economic Barriers 77

Tracking Counterfeit Drugs 79

Ethical, Legal, and Political Barriers 79

Social and Cultural Barriers 82

Technological Barriers 84

Trade Agreements, Alliances, and

Organizations 85

General Agreement on Tariffs and Trade 85

The North American Free Trade Agreement 85

The European Union 87

Going Green

The Fight over GMOs in Europe 88

Asia-Pacific Economic Cooperation 89

Association of Southeast Asian Nations 90

World Bank 90

International Monetary Fund 90

Getting Involved in International Business 91

Exporting and Importing 91

Disney China: It’s a Big World after All 95

International Business Strategies 96

Developing Strategies 96

Managing the Challenges of Global Business 97

So You Want a Job in Global Business 97

Check Your Progress 99 Get Involved 99 Build Your Skills: Global Awareness 100 Solve the Dilemma: Global Expansion or Business as Usual? 100

Build Your Business Plan: Business in a Borderless World 101 See for Yourself Videocase: Electra Bikes: Better, Cooler, Awesomer! 101

Part 2

Starting and Growing a Business 107

CHAPTER 4

Options for Organizing Business 108

Ace Is the Place: Or Is It? 109

Introduction 110Sole Proprietorships 110

Advantages of Sole Proprietorships 111 Disadvantages of Sole Proprietorships 112

Millennium Products Dominates Kombucha Market 114

Partnerships 114

Types of Partnership 115 Articles of Partnership 115 Advantages of Partnerships 116

Brew Hound Brewery No Longer a Lone Wolf 117 Disadvantages of Partnerships 118

Taxation of Partnerships 119

Corporations 119

Creating a Corporation 120 Types of Corporations 121 Elements of a Corporation 123 Advantages of Corporations 125 Disadvantages of Corporations 126

Other Types of Ownership 127

Joint Ventures 127

S Corporations 127 Limited Liability Companies 127

Going Green

Crimson Midstream Embraces Green 128 Cooperatives 128

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Making Big Businesses Act “Small” 160

So You Want to Be an Entrepreneur or Small-Business Owner 161

Review Your Understanding 162 Revisit the World of Business 162 Learn the Terms 163

Check Your Progress 163 Get Involved 163 Build Your Skills: Creativity 163 Solve the Dilemma: The Small-Business Challenge 164 Build Your Business Plan: Small Business, Entrepreneurship, and Franchising 165

See for Yourself Videocase: Sonic—A Successful Franchise with

an Old-Fashioned Drive-In Experience 165 Team Exercise 166

The Nature of Management 170

Meet China’s Steve Jobs: Lei Jun 171

Introduction 172The Importance of Management 172Management Functions 173

Types of Management 178

Levels of Management 178 Areas of Management 182

Skills Needed by Managers 182

Technical Expertise 182 Conceptual Skills 183

Trends in Business Ownership: Mergers

and Acquisitions 129

So You’d Like to Start a Business 132

Get Involved 134

Build Your Skills: Selecting a Form of Business 134

Solve the Dilemma: To Incorporate or Not to Incorporate 135

Build Your Business Plan: Options for Organizing Business 135

See for Yourself Videocase: PODS Excels at Organizing a

A V.I.P Moving Experience 141

Introduction 142

The Nature of Entrepreneurship and Small

Business 142

What Is a Small Business? 143

The Role of Small Business in the American

Economy 144

Industries That Attract Small Business 145

Going Green

Is 100 Percent Biodegradable Plastic Possible? 147

Advantages of Small-Business Ownership 149

High Stress Level 150

High Failure Rate 150

Walmart Embraces a Diversity of Suppliers 151

Starting a Small Business 153

The Business Plan 153

Forms of Business Ownership 153

Financial Resources 154

Approaches to Starting a Small Business 155

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The Role of Groups and Teams in Organizations 216

Committees 217 Task Forces 217 Teams 218

Communicating in Organizations 219

Formal and Informal Communication 220 Monitoring Communications 221 Improving Communication Effectiveness 221

From a Small Coffee Shop to a Big Sugar Bowl 222

So You Want a Job in Managing Organizational Culture, Teamwork, and Communication 223

Check Your Progress 225 Get Involved 225 Build Your Skills: Teamwork 226 Solve the Dilemma: Quest Star in Transition 227 Build Your Business Plan: Organization, Teamwork, and Communication 227

See for Yourself Videocase: Hot Topic Ties Up an Employee Culture 227

CHAPTER 8

Managing Service and Manufacturing Operations 232

Operations Challenges Inside the Chipotle Kitchen 233

Introduction 234The Nature of Operations Management 234

The Transformation Process 235 Operations Management in Service Businesses 235

Social Entrepreneurship: From South Africa to Whole

Selecting the Best Option 190

Implementing the Decision 190

Monitoring the Consequences 190

Management in Practice 190

So You Want to Be a Manager 192

Get Involved 194

Build Your Skills: Functions of Management 194

Solve the Dilemma: Making Infinity Computers

Competitive 195

Build Your Business Plan: The Nature of Management 195

See for Yourself Videocase: Panera Bread: Strategy

W.L Gore: Where Everyone Is the Boss 201

Introduction 202

Organizational Culture 202

Amazon: Expedited Service and Employment 203

Developing Organizational Structure 204

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xxii Contents

Nature of Human Relations 268Historical Perspectives on Employee Motivation 270

Classical Theory of Motivation 271 The Hawthorne Studies 271

Going Green

King Arthur Flour: Employees Rule! 272

Theories of Employee Motivation 272

Maslow’s Hierarchy of Needs 273 Herzberg’s Two-Factor Theory 274 McGregor’s Theory X and Theory Y 275

Alterra: Creating Customers for Life 276 Theory Z 277

Equity Theory 277 Expectancy Theory 278 Goal-Setting Theory 279

Strategies for Motivating Employees 279

Behavior Modification 279 Job Design 280

Importance of Motivational Strategies 282

Consider ethics and social responsibility

Acuity: Insuring Workplace Happiness 283

So You Think You May Be Good at Motivating a Workforce 284

Check Your Progress 286 Get Involved 286 Build Your Skills: Motivating 287 Solve the Dilemma: Motivating to Win 287 Build Your Business Plan: Motivating the Workforce 288 See for Yourself Videocase: The Container Store’s Secret to Success: Employee Satisfaction 288

CHAPTER 10

Managing Human Resources 292

Higher Sophistication in Hiring 293

Introduction 294The Nature of Human Resources Management 294

Planning for Human Resources Needs 294

Planning and Designing Operations Systems 239

Planning the Product 240

Designing the Operations Processes 240

Planning Capacity 241

Planning Facilities 242

Sustainability and Manufacturing 245

Managing the Supply Chain 246

Purchasing 247

Managing Inventory 247

Ashley Furniture Owns Its Supply Chain 248

So You Want a Job in Operations Management 257

Get Involved 259

Build Your Skills: Reducing Cycle Time 259

Solve the Dilemma: Planning for Pizza 260

Build Your Business Plan: Managing Service and Manufacturing

Motivating the Workforce 266

Marriott: Take Care of Employees and That Takes Care of

Your Customers 267

Introduction 268

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Contents xxiii

PowerToFly: Hiring Women in Tech Worldwide 295

Recruiting and Selecting New Employees 296

Recruiting 296

Selection 297

Legal Issues in Recruiting and Selecting 300

Developing the Workforce 302

Training and Development 302

The Importance of Workforce Diversity 314

The Characteristics of Diversity 314

Why Is Diversity Important? 315

The Benefits of Workforce Diversity 317

Affirmative Action 317

Trends in Management of the Workforce 318

Tech Industry Short-Circuits the Diversity Gap 318

So You Want to Work in Human Resources 320

Get Involved 322

Build Your Skills: Appreciating and Valuing Diversity 322

Solve the Dilemma: Morale among the Survivors 324

Build Your Business Plan: Managing Human Resources 324

See for Yourself Videocase: The Importance of Hollywood

Campbell’s Soup: You Can’t Always Get What You Want 331

Introduction 332Nature of Marketing 332

The Exchange Relationship 332 Functions of Marketing 334 Creating Value with Marketing 335 The Marketing Concept 335 Evolution of the Marketing Concept 337

Developing a Marketing Strategy 339

Selecting a Target Market 339 Developing a Marketing Mix 342

Marketing Research and Information Systems 344

He Sees You While You’re Sleeping: Consumer Tracking Technology 345

Online Marketing Research 346

So You Want a Job in Marketing 352

Check Your Progress 353 Get Involved 354 Build Your Skills: The Marketing Mix 354 Solve the Dilemma: Will It Go? 355 Build Your Business Plan: Customer-Driven Marketing 355 See for Yourself Videocase: Marriott: Your Home Away from Home 355

CHAPTER 12

Dimensions of Marketing Strategy 360

Disney: Not the Same Old Mickey Mouse Experience 361

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Using Digital Media to Reach Consumers 412Using Digital Media to Learn about Consumers 414Legal and Social Issues in Internet Marketing 415

Privacy 415 Identity Theft and Online Fraud 416

Advertising Effectiveness: Real or a Mirage? 417 Intellectual Property Theft and Other Illegal Activities 418

Digital Media’s Impact on Marketing 419

So You Want to be a Digital Marketer 419

Check Your Progress 421 Get Involved 421 Build Your Skills: Planning a Digital Marketing and Social Networking Site 422

Solve the Dilemma: Developing Successful Freeware 422 Build Your Business Plan: Digital Marketing and Social Networking 423

See for Yourself Videocase: Should Employees Use Social Media Sites at Work? 423

Part 6 Financing the Enterprise 429

Developing New Products 362

IKEA “Sees” Each Store as Unique 363

Classifying Products 365

Product Line and Product Mix 366

Product Life Cycle 367

Heidi Ho Organics: Cheese Fit for a Shark 379

Intensity of Market Coverage 380

Physical Distribution 380

Importance of Distribution in a Marketing Strategy 382

Promotion Strategy 382

The Promotion Mix 382

Promotion Strategies: To Push or to Pull 386

Objectives of Promotion 387

Promotional Positioning 387

Importance of Marketing Strategy 388

So You Want to Be a Marketing Manager 389

Get Involved 391

Build Your Skills: Analyzing Motel 6’s Marketing Strategy 391

Solve the Dilemma: Better Health with Snacks 392

Build Your Business Plan: Dimensions of Marketing Strategy 392

See for Yourself Videocase: Spirit Airlines: Flying Below

Customer Expectations 392

Team Exercise 393

Endnotes 393

CHAPTER 13

Digital Marketing and Social Networking 396

Pinning Your Hopes on Emerging Social Media 397

Introduction 398

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